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Delaware
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23-3058564
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(State or other jurisdiction
of incorporation)
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(IRS Employer
Identification No.)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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¨
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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¨
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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10.1
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Credit Agreement, dated as of August 4, 2017, among EnerSys, certain other borrowers and guarantors identified therein, Bank of America, N.A., as administrative agent, swing line lender and Letters of Credit issuer, and other lenders party thereto (incorporated herein by reference to Exhibit 10.4 of EnerSys’ Quarterly Report on Form 10-Q for the quarter ended July 2, 2017 (File No. 001-32253) filed with the SEC on August 9, 2017).
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99.1
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Press Release, dated August 9, 2017, of EnerSys regarding the financial results for the first quarter of fiscal 2018.
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99.2
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Information in presentations by EnerSys.
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99.3
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Press Release, dated August 9, 2017, of EnerSys regarding stock repurchase authorization and a quarterly cash dividend.
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EnerSys
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Date: August 9, 2017
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By:
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/s/ Michael J. Schmidtlein
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Michael J. Schmidtlein
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Chief Financial Officer
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Exhibit No.
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Description
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EX-10.1
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|
Credit Agreement, dated as of August 4, 2017, among EnerSys, certain other borrowers and guarantors identified therein, Bank of America, N.A., as administrative agent, swing line lender and Letters of Credit issuer, and other lenders party thereto (incorporated herein by reference to Exhibit 10.4 of EnerSys’ Quarterly Report on Form 10-Q for the quarter ended July 2, 2017 (File No. 001-32253) filed with the SEC on August 9, 2017).
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EX-99.1
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Press Release, dated August 9, 2017, of EnerSys regarding the financial results for the first quarter of fiscal 2018.
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EX-99.2
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Information in presentations by EnerSys
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EX-99.3
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Press Release, dated August 9, 2017, of EnerSys regarding stock repurchase authorization and a quarterly cash dividend.
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Quarter ended
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||||||
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($ millions)
|
||||||
|
July 2, 2017
|
|
July 3, 2016
|
||||
Net sales by segment
|
|
|
|
||||
Americas
|
$
|
354.6
|
|
|
$
|
329.7
|
|
EMEA
|
199.1
|
|
|
197.1
|
|
||
Asia
|
68.9
|
|
|
73.8
|
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||
|
|
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|
||||
Total net sales
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$
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622.6
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$
|
600.6
|
|
|
|
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|
||||
Operating earnings
|
|
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|
||||
Americas
|
$
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54.6
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|
$
|
50.7
|
|
EMEA
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13.5
|
|
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19.8
|
|
||
Asia
|
3.2
|
|
|
4.2
|
|
||
Restructuring and other exit charges - Americas
|
—
|
|
|
(0.9
|
)
|
||
Restructuring and other exit charges - EMEA
|
(0.8
|
)
|
|
(0.3
|
)
|
||
Restructuring charges - Asia
|
—
|
|
|
(0.1
|
)
|
||
ERP system implementation - Americas
|
(0.9
|
)
|
|
(7.3
|
)
|
||
Acquisition activity expense - Americas
|
—
|
|
|
(0.1
|
)
|
||
|
|
|
|
||||
Total operating earnings
|
$
|
69.6
|
|
|
$
|
66.0
|
|
|
Quarter ended
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|
|||||||
|
July 2, 2017
|
|
|
July 3, 2016
|
|
||||
|
(in millions, except share and per share amounts)
|
|
|||||||
Net Earnings reconciliation
|
|
|
|
|
|
||||
As reported Net Earnings
|
$
|
48.2
|
|
|
|
$
|
44.6
|
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
||||
Restructuring charges
|
0.8
|
|
(1)
|
|
1.3
|
|
(1)
|
||
ERP system implementation
|
0.9
|
|
(2)
|
|
7.3
|
|
(2)
|
||
Acquisition activity expense
|
—
|
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(3)
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0.1
|
|
(3)
|
||
Income tax effect of above non-GAAP adjustments
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$
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(0.5
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)
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$
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(3.2
|
)
|
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Non-GAAP adjusted Net Earnings
|
$
|
49.4
|
|
|
|
$
|
50.1
|
|
|
|
|
|
|
|
|
||||
Outstanding shares used in per share calculations
|
|
|
|
|
|
||||
Basic
|
43,450,082
|
|
|
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43,269,942
|
|
|
||
Diluted
|
44,163,074
|
|
|
|
43,829,813
|
|
|
||
|
|
|
|
|
|
||||
Non-GAAP adjusted Net Earnings per share:
|
|
|
|
|
|
||||
Basic
|
$
|
1.14
|
|
|
|
$
|
1.16
|
|
|
Diluted
|
$
|
1.12
|
|
|
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$
|
1.14
|
|
|
|
|
|
|
|
|
||||
Reported Net Earnings per share:
|
|
|
|
|
|
||||
Basic
|
$
|
1.11
|
|
|
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$
|
1.03
|
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Diluted
|
$
|
1.09
|
|
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$
|
1.02
|
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Dividends per common share
|
$
|
0.175
|
|
|
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$
|
0.175
|
|
|
|
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Quarter ended
|
|||||||
|
|
July 2, 2017
|
July 3, 2016
|
||||||
|
|
Pre-tax
|
|
Pre-tax
|
|
||||
|
|
($ millions)
|
($ millions)
|
||||||
(1) Restructuring charges - Americas
|
|
$
|
—
|
|
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$
|
0.9
|
|
|
(1) Restructuring charges - EMEA
|
|
0.8
|
|
|
0.3
|
|
|
||
(1) Restructuring charges - Asia
|
|
—
|
|
|
0.1
|
|
|
||
(2) ERP system implementation - Americas
|
|
0.9
|
|
|
7.3
|
|
|
||
(3) Acquisition activity expense - Americas
|
|
—
|
|
|
0.1
|
|
|
||
Total Non-GAAP adjustments
|
|
$
|
1.7
|
|
|
$
|
8.7
|
|
|
|
|
|
|
EMEA -
Europe, Middle East and Africa
|
|
Quarter ended
|
||||||
|
July 2, 2017
|
|
July 3, 2016
|
||||
Net sales
|
$
|
622.6
|
|
|
$
|
600.6
|
|
Gross profit
|
163.1
|
|
|
166.3
|
|
||
Operating expenses
|
92.7
|
|
|
99.0
|
|
||
Restructuring charges
|
0.8
|
|
|
1.3
|
|
||
Operating earnings
|
69.6
|
|
|
66.0
|
|
||
Earnings before income taxes
|
61.0
|
|
|
59.0
|
|
||
Net earnings attributable to EnerSys stockholders
|
$
|
48.2
|
|
|
$
|
44.6
|
|
|
|
|
|
||||
Net earnings per common share attributable to EnerSys stockholders:
|
|
|
|
||||
Basic
|
$
|
1.11
|
|
|
$
|
1.03
|
|
Diluted
|
$
|
1.09
|
|
|
$
|
1.02
|
|
Dividends per common share
|
$
|
0.175
|
|
|
$
|
0.175
|
|
Weighted-average number of common shares used in per share calculations:
|
|
|
|
||||
Basic
|
43,450,082
|
|
|
43,269,942
|
|
||
Diluted
|
44,163,074
|
|
|
43,829,813
|
|
Date:
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Thursday, August 10, 2017
|
Time:
|
9:00 a.m. Eastern Time
|
Via Internet:
|
http://www.enersys.com
|
Domestic Dial-In Number:
|
877-359-9508
|
International Dial-In Number:
|
224-357-2393
|
Passcode:
|
52101032
|
Via Internet:
|
http://www.enersys.com
|
Domestic Replay Number:
|
855-859-2056
|
International Replay Number:
|
404-537-3406
|
Passcode:
|
52101032
|
|
Reserve Power Product Line
|
|
Motive Power Product Line
|
|
Total
|
||||||
|
|
|
|
|
|
||||||
Total Market
|
$
|
6.6
|
|
|
$
|
3.5
|
|
|
$
|
10.1
|
|
EnerSys Share of Relevant Market
|
13
|
%
|
|
32
|
%
|
|
20
|
%
|
|||
|
|
|
|
|
|
||||||
Geographic Split of Relevant Market
|
|
|
|
|
|
||||||
Americas
|
23
|
%
|
|
39
|
%
|
|
28
|
%
|
|||
EMEA
(includes Europe, Middle East & Africa)
|
16
|
%
|
|
41
|
%
|
|
25
|
%
|
|||
Asia
|
61
|
%
|
|
20
|
%
|
|
47
|
%
|
|||
|
|
|
|
|
|
||||||
Split of Relevant Market by End-markets
|
|
|
|
|
|
||||||
Telecom
|
47
|
%
|
|
—
|
|
|
31
|
%
|
|||
Uninterruptible Power Systems (UPS)
|
30
|
%
|
|
—
|
|
|
19
|
%
|
|||
Reserve Other
|
23
|
%
|
|
—
|
|
|
15
|
%
|
|||
Forklift Trucks
|
—
|
|
|
88
|
%
|
|
31
|
%
|
|||
Motive Other
|
—
|
|
|
12
|
%
|
|
4
|
%
|
|||
|
|
|
|
|
|
||||||
Regional Markets and Shares
|
|
|
|
|
|
||||||
Americas
|
|
|
|
|
$
|
2.9
|
|
||||
EnerSys share of relevant market
|
|
|
|
|
38
|
%
|
|||||
|
|
|
|
|
|
||||||
EMEA
(includes Europe, Middle East & Africa)
|
|
|
|
|
$
|
2.5
|
|
||||
EnerSys share of relevant market
|
|
|
|
|
27
|
%
|
|||||
|
|
|
|
|
|
||||||
Asia
|
|
|
|
|
$
|
4.7
|
|
||||
EnerSys share of relevant market
|
|
|
|
|
5
|
%
|
|
Reserve Power Product Line
|
|
Motive Power Product Line
|
|
Total
|
||||||
|
|
|
|
|
|
||||||
Net Sales
|
$
|
1.14
|
|
|
$
|
1.22
|
|
|
$
|
2.37
|
|
Geographic split:
|
|
|
|
|
|
||||||
Americas
|
|
|
|
|
56
|
%
|
|||||
EMEA
(includes Europe, Middle East & Africa)
|
|
|
|
|
32
|
%
|
|||||
Asia
|
|
|
|
|
12
|
%
|
|||||
|
|
|
|
|
|
||||||
Split by End-markets:
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Telecom
|
30
|
%
|
|
—
|
|
|
15
|
%
|
|||
Uninterruptible Power Systems (UPS)
|
25
|
%
|
|
—
|
|
|
12
|
%
|
|||
Reserve Other
|
45
|
%
|
|
—
|
|
|
21
|
%
|
|||
|
|
|
|
|
|
||||||
Total Reserve Power
|
100
|
%
|
|
|
|
48
|
%
|
||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Forklift Trucks
|
—
|
|
|
88
|
%
|
|
46
|
%
|
|||
Motive Other
|
—
|
|
|
12
|
%
|
|
6
|
%
|
|||
|
|
|
|
|
|
||||||
Total Motive Power
|
|
|
100
|
%
|
|
52
|
%
|
||||
|
|
|
|
|
|